Short Interest in Granite Ridge Resources, Inc. (NYSE:GRNT) Increases By 5.3%

Granite Ridge Resources, Inc. (NYSE:GRNTGet Free Report) was the target of a large growth in short interest in the month of April. As of April 30th, there was short interest totalling 1,600,000 shares, a growth of 5.3% from the April 15th total of 1,520,000 shares. Based on an average daily trading volume, of 364,200 shares, the days-to-cover ratio is presently 4.4 days. Approximately 3.1% of the company’s shares are short sold.

Granite Ridge Resources Price Performance

Shares of GRNT stock opened at $6.47 on Friday. The firm’s fifty day moving average price is $6.48 and its two-hundred day moving average price is $6.11. The company has a current ratio of 2.55, a quick ratio of 2.44 and a debt-to-equity ratio of 0.20. Granite Ridge Resources has a 1 year low of $5.13 and a 1 year high of $8.14. The firm has a market capitalization of $845.23 million, a P/E ratio of 14.37 and a beta of 0.20.

Granite Ridge Resources (NYSE:GRNTGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). Granite Ridge Resources had a net margin of 15.43% and a return on equity of 14.35%. The company had revenue of $89.00 million during the quarter. On average, equities analysts predict that Granite Ridge Resources will post 0.6 EPS for the current fiscal year.

Granite Ridge Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 6.81%. The ex-dividend date of this dividend is Friday, May 31st. Granite Ridge Resources’s dividend payout ratio (DPR) is 97.78%.

Insider Buying and Selling

In other Granite Ridge Resources news, CEO Luke C. Brandenberg acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $6.25 per share, for a total transaction of $31,250.00. Following the acquisition, the chief executive officer now directly owns 81,633 shares of the company’s stock, valued at approximately $510,206.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have acquired 14,250 shares of company stock valued at $88,440. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Granite Ridge Resources

Several large investors have recently made changes to their positions in GRNT. Nisa Investment Advisors LLC raised its position in Granite Ridge Resources by 24,400.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the company’s stock worth $29,000 after acquiring an additional 4,880 shares in the last quarter. Barclays PLC lifted its stake in Granite Ridge Resources by 86.7% in the 3rd quarter. Barclays PLC now owns 9,754 shares of the company’s stock valued at $59,000 after purchasing an additional 4,529 shares during the last quarter. Independent Wealth Network Inc. acquired a new stake in Granite Ridge Resources in the 4th quarter valued at about $74,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Granite Ridge Resources during the fourth quarter worth about $79,000. Finally, SG Americas Securities LLC acquired a new position in Granite Ridge Resources during the fourth quarter worth approximately $93,000. Institutional investors and hedge funds own 31.56% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on GRNT. Evercore ISI began coverage on shares of Granite Ridge Resources in a research report on Monday, April 29th. They issued an “in-line” rating and a $8.00 price objective on the stock. Roth Mkm started coverage on Granite Ridge Resources in a research report on Wednesday. They set a “buy” rating and a $8.80 price objective for the company. Finally, Roth Capital upgraded Granite Ridge Resources to a “strong-buy” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $8.45.

View Our Latest Research Report on Granite Ridge Resources

Granite Ridge Resources Company Profile

(Get Free Report)

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.

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